The Hamilton Reserve Bank in Saint Kitts & Nevis has completed its digital transformation with an assist from Temenos. To that end, the Bank has adopted a full portfolio of Temenos solutions, including the Temenos Payments, Temenos Financial Crime Mitigation (FCM), and Temenos Infinity products.
Together, the solutions will help automate many of Hamilton’s operations, and improve the level of service that it delivers to its customers. That, in turn, will allow the bank to scale more quickly, with Hamilton indicating that it hopes to add 1 million new customers over the course of the next 12 months.
On that front, Temenos Payments leverages the company’s cloud platform to help process payments more quickly, with a Straight-Through Processing rate greater than 99 percent. The FCM solution, meanwhile, helps prevent fraudulent transactions from getting through, with a false positive rate below 2.5 percent. The platform uses AI technologies to watch for suspicious behavior, and cross-references each transaction with watchlists in real time.
Hamilton will also be implementing biometric authentication and identity verification technology from authID.ai to enable a remote and automated onboarding process for new customers. AuthID.ai’s technology is available through the Temenos Marketplace, and will come pre-integrated with the Temenos deployment.
“Our customers need comprehensive financial solutions that are fast, seamless, easy, fully automated, and compliant,” said Hamilton CEO Prabhakar Kaza. “Our investment in Temenos solutions will enable Hamilton Reserve Bank to support our rapidly expanding client base, making us rise above and beyond customer expectations as a leading global bank.”
“We are delighted to be helping Hamilton Reserve Bank deliver efficiency, security, and a satisfactory customer experience,” added Temenos Latin America and Caribbean Managing Director Enrique Ramos O’Reilly. “With Temenos, Hamilton will be able to cost-effectively deepen its key strength in delivering fast payments and managing largely increased volumes.”
Ipsidy rebranded as authID.ai back in June. The company is perhaps best known for its biometric onboarding solution, which uses facial recognition to match a selfie to the photo on someone’s government ID.
August 26, 2021 – by Eric Weiss